April 7, 2014
The 3rd richest man in the world at $64 billion is Amancio Ortega, a low-key Spaniard who owns the lady's clothing brand and retail outlet Zara. I understand how you can get really rich owning Facebook or DOS or most of the the telephone business in Mexico. But how great of a businessman do you have to be to get insanely rich in moderately priced women's clothes? Is there a more competitive business on Earth? What are the defensible barriers to entry? I could see getting rich in clothes if you could trademark, say, blue, and be the only guy allowed to sell blue clothes. Even I could make money doing that. But what's his secret?
By Steve Sailer on 4/07/2014